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As Cumulus absorbs the assets of WestwoodOne radio network, the corporate reporting structure became a little more clear yesterday. Paul Caine, who was brought into then Dial Global as CEO (he replaced Spencer Brown), less than one year ago (March 19, 2013) will leave the company at the end of January. Much like Dennis Green and Mike Pallad were reporting to Cumulus' corporate from the Cumulus Media Networks (Pallad has since left the company to work at Apple), Charles Steinhauer (Operations) and Ron Furman (Revenue) from Westwood will now be the direct reports to Cumulus corporate. CEO Lew Dickey has promised $40 Million in cost synergies as WestwoodOne gets rolled up into the Mother Ship. Dickey has had a history of delivering those cost savings on or before schedule.
Dickey said of Caine, "Paul is an extremely talented media executive and did an excellent job of guiding WestwoodOne during a period of change. He positioned the company for future growth and played an instrumental role in driving a constructive transaction which delivered value for his shareholders. We look forward to working with Paul in the next chapter of his impressive career." AdWeek Magazine is speculating that Caine may return to his old job as Chief Revenue Officer at Time Inc. That job has not been filled yet.
Caine said, "I am so proud of the team we've built and what we've accomplished at WestwoodOne. In such a short time, we've proven the power of sound and its impact on the future of the audio industry. I am confident that this great momentum will continue under Cumulus and the strong talent and leadership of Lew Dickey."
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